<?xml version="1.0" encoding="UTF-8"?>
<xbrli:xbrl xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2024-02-29/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Announcement_For_Fraud_Or_Default/2024-02-29/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Announcement_For_Fraud_Or_Default/2024-02-29/in-capmkt-roles" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-type="https://www.sebi.gov.in/xbrl/2024-02-29/in-capmkt-types" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xl="http://www.xbrl.org/2003/XLink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2024-02-29.xsd"/><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">544530</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-27</xbrli:startDate><xbrli:endDate>2026-04-27</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">544530</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-27</xbrli:instant></xbrli:period></xbrli:context><in-capmkt:NameOfTheCompany contextRef="MainI">Anand Rathi Share and Stock Brokers Limited</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="MainI">ARSSBL</in-capmkt:NSESymbol><in-capmkt:WhetherDisclosureFiledForListedCompany contextRef="MainI">true</in-capmkt:WhetherDisclosureFiledForListedCompany><in-capmkt:PlaceOfOccurrenceOfEvent contextRef="MainI">Pune</in-capmkt:PlaceOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="MainD">17:00:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:TypeOfAnnouncement contextRef="MainI">Update</in-capmkt:TypeOfAnnouncement><in-capmkt:DateOfInitialAnnouncement contextRef="MainI">2026-02-06</in-capmkt:DateOfInitialAnnouncement><in-capmkt:DateOfLatestAnnouncement contextRef="MainI">2026-04-27</in-capmkt:DateOfLatestAnnouncement><in-capmkt:TypeOfEventOfFraudOrDefaults contextRef="MainI">Subsequent Disclosure</in-capmkt:TypeOfEventOfFraudOrDefaults><in-capmkt:TypeOfDisclosureInRelationToEventOfFraudOrDefaults contextRef="MainI">Fraud</in-capmkt:TypeOfDisclosureInRelationToEventOfFraudOrDefaults><in-capmkt:CategoryOfEntityForWhichDisclosureIsFiledForFraudOrDefaults contextRef="MainI">Others</in-capmkt:CategoryOfEntityForWhichDisclosureIsFiledForFraudOrDefaults><in-capmkt:DetailsOfOtherCategoryOfEntityForWhichDisclosureIsFiledForFraudOrDefaults contextRef="MainI">Individuals in connivance with the employee/s of Anand Rathi IT Private Limited, which is a Group Company of Anand Rathi Share and Stock Brokers Limited (ARSSBL / the Company)</in-capmkt:DetailsOfOtherCategoryOfEntityForWhichDisclosureIsFiledForFraudOrDefaults><in-capmkt:DateOfReport contextRef="MainI">2026-04-27</in-capmkt:DateOfReport><in-capmkt:ActualAmountInvolvedInFraudOrDefaultOrArrestWasUnearthingOrOccurred contextRef="MainI">Rs. 12.15 crores approximately</in-capmkt:ActualAmountInvolvedInFraudOrDefaultOrArrestWasUnearthingOrOccurred><in-capmkt:ActualImpactOfFraudOrDefaultOrArrestWasUnearthingOrOccurredOnTheListedEntity contextRef="MainI">The financial impact of the aforesaid fraud is limited to the extent of the amount involved, i.e., approximately Rs. 12.15 crores. Apart from this, there is no further material impact on the Company operations, profitability, or overall financial position. 

The Company has taken necessary steps in accordance with applicable directions issued by CDSL, and the impact is restricted to the aforesaid amount only.</in-capmkt:ActualImpactOfFraudOrDefaultOrArrestWasUnearthingOrOccurredOnTheListedEntity><in-capmkt:CorrectiveMeasuresTakenByTheListedEntityOnAccountOfSuchFraudOrDefaultsOrArrest contextRef="MainI">The Company has restored such shares aggregating to approximately Rs. 12.15 crores by re-transferring the same to Pune based client. 

The re-transfer has been carried out in accordance with the directions issued by CDSL and with a view to maintain a cordial relationship with the client.</in-capmkt:CorrectiveMeasuresTakenByTheListedEntityOnAccountOfSuchFraudOrDefaultsOrArrest></xbrli:xbrl>
